For those of you banking with Royal Bank
 

If you've ever tried to cash a USD check with Royal Bank, I'm sure you'll all appreciated this little flash bit :)

Enjoy!

http://www.xdude.com/flashed-mar2001.htm

Xdude is old school....I remember watching his flashes when I was in OAC :glugglug

hahahahaha that shit is soooooo true.. exactly the reason i bank with cibc.

He goes on to say that he had no further trouble depositing cheques in US funds with Canada trust...

Funny, but I've had the same experiences with Canada Trust as he had with Royal Bank.

the best is TDCanada trust Borderless US Account by Far ..... check it out and you'll know what i mean :2 cents:

I have a feeling this thread will become a who does the best US business banking in Canada type thread :)

WG

hey i am just speaking the facts of CanadianLife :) its true , I'll give you 2 dollars if you can check them out atleast do you accept paypal or ePassporte ?

Anyone remember the entire Royal Bank network going down from coast to coast for about 2 weeks in June? :(
Good thing they had lots of scrap paper on hand
:1orglaugh

I think i will have to have money to get into all those kind of stuff.:Graucho


Hey WG, since i got your attention. Is there anyway i can get like 2 minutes or less of your time? I will not try to pick your brain or so forth, i just need a business advice, and would really appreciate it coming from you for a reason.:winkwink: :thumbsup

My ICQ: 230380501


greg AT jkfentertainments DOT com

Thanks man.:thumbsup

haha yeah my online accts all said N/Afor about 2 weeks but they made it right and put the right amount of funds back in.. but that must have fucked up a lot of peoples bills and shit!

You're lucky if you didn't have to go near a bank :P They couldn't even tell you your balance for the first half of it (and that's if you could fight your way through the crowd...) :(

You have to out-think the rules..

Heres how i did it. ( coincidently my last day at that bank )

Not only did i get the money within an hour , i also made alot of work for them for not overlooking the rule.

Deposit the check even with the hold , then walk right back in and close your account. ( they have to give you the money even with the hold )


I also had a similar problem at an american bank ( coincidently right beside the white house )

I came in to cash a large check after 4 pm on a friday and the clerk told me she had to hold it until monday because it was deposited after 4 pm. I went APESHIT and had them close 3 different accounts :) . End result . I got paid. They lost several large accounts.

I really wish there was a 2 sentence version of this. Good post though.:thumbsup

u know why they hold the money? They hold the money so they can make money off it offshore for 30days or however long they hold it.. I don't know the exact details how they do it, but this policy is basically for them to make more money from you, this has been done for years... It's a known secret to all the big dogs, fuck If I had a memory I could remember how they do it...

Cool Flash tho...

It's how paypal * cough and others * makes so much money on "seized" accounts.

Its how banks make money in general.

It increases the buying power of the bank for however long they hold the money.

Think of it this way. When you have lots of money you make lots of money.

Lets say i as a bank hold $100 from 100,000 people across canada for a week.

This gives me $10 mill spending cash for a week.

I could invest in google shares for one day put the money back and walk away with a clean 2 million without anyone knowing the wiser.

Now this is just an example , but basically its how they do it.

heres a basic rundown on how the money system works..


JOE buys cows for 1 dollar a cow

HARRY grows cows..

One day harry comes to joe to sell his cows. joe tells him his cows need to pass a 7 day waiting period.

Harry is broke so he needs to borrow some money. Harry goes to jimbo.

Jimbo lends harry 10 dollars if harry pays back 12 dollars next week.

Jimbo borrows 10 dollars from joe ( who already sold your cows ) for 11 dollars next week ( to give the 10 to harry )

Now jimbo made a dollar off of the loan and joe made a dollar off of the loan ( all from harry's cows )

Now jimbo is making big bank joe is making 1 more cow a week and harry loses 2 cows a week in the end..

you = harry

the bank = jimbo and joe

btw jimbo and joe are brothers. ( and i know what your thinking , they aren't jewish )

wrong. i work for TDCT and i can tell you the borderless really isn't all that special.

the TD Waterhouse Bank Premier USA Checking Account is the best option for Canadian citizens.

http://www.tdcanadatrust.com/usbanking/checking.jsp
http://www.tdcanadatrust.com/usbanking/comp.jsp

it's $6.95 USD a month (compared to $4.95 USD for borderless), but with a few key differences.

first, and most importantly, it's recognized as an American bank account in American dollars. it's not a Canadian bank account in American dollars.

that means you can get domestic wires from American sponsors.
that means you can get ACH direct deposits.
that means the checks you write are cashed/encoded as US checks.
that means the checks you cash aren't subject to 20-30 day holds.

when you make a deposit, the first $500 is available immediately right away. the rest is held for 3-5 days. the hold times get reduced or removed depending on your banking volume/history.

the monthly fee gets waived if you keep a $3000 balance.

you get a preferred exchange rate, you don't pay a commission on travellers checks or drafts and you get a discount on travel medical insurance.

my favorite part of the account is that you get a Visa check card. it has the acceptability of Visa but works like a debit card. pretty much like Paypal debit card.

i've had the account for a year and a half without any problems.

the only downside is that TD Waterhouse Bank is a virtual bank. they have no physical branch locations. all your banking has to be done either by telephone or internet and all your deposits are made by mail. but no more funny looks from tellers when you deposit large checks :)

That flash lasted 10 minutes but was damn cool :thumbsup

Also why many Canadian banks do something like..

"For every $x you keep in your account, you get 1 transaction free for the month". Business accounts anyways.

US Banks are so much cheaper. I'm lovin it (tm).

that's not a secret.... that's common knowledge. banks aren't non-profit organizations or charities. they're a business.

they're not making their billions by charging you $0.50 service charges.

Really enjoyed the tour!!!!!!:thumbsup :thumbsup

I have both the accts, and been with them for years. No problems usually , but the do have a large staff turnover. So I dread to go to some new smuck with a 2 buck floor limit. Then they have to ask a floor mngr.....just a lot of aggrevation. A few weeks ago got stuck like that , the manager just would not listen, she cut the hold back to24 hrs after a while, but I said NO ...there is no hold on the account, I make regular deposits without any problem. So I ended up telling her to cancel the transaction. My wife took it in later that afternoon to a teller she deals with , deposited with no problem. I hate banks:BangBang:

turnover is high in any call center environment. same thing for the teller position. the stress levels are extremely high in both postions and tellers are very underpaid.

Weird, I cash in my cheques and they don't hold it, it's instantly deposited into my account.

that was funny as hell. i told rbc to suck my dick after cashing us cheques for 4 years. never a problem then some new teller said, i can't deposit this without a hold, blah blah.

now i'm with scotiabank and they have actual policies to deal with it. never had anything held since the first 3 months i dealt with them.

rbc are a bunch of idiots

:1orglaugh :1orglaugh

I can sooooooo relate.
In fact I posted a furious thread hear about that in December of last year, except mine was just fucking STATE TO STATE inside the US. I couldn't believe it. :thumbsup

hey wired - I almost fell off my chair seeing your presentation as this has happened to me many times at Royal - what I do is have another account at scotia and if need be cash cheques there then move the cash to royal for savings.

CIBC Takes care of me.:thumbsup

I hate banks period.

I've dealt with every single one and they're all the same!

CIBC has got to have the WORST c/s reps ever!!

I have a US account w/ them and it's pretty good but they hold ALL US checks for 21 working days. That means 30 days!!!


RBC just sucks..:ak47:

That was a very nicely done presentation.

Royal held a US deposit from us for 30 BUSINESS days once, except the teller didn't even tell me when I made the deposit.. I checked a few days later online and saw the hold was there. Needless to say I am no longer banking with them.

I have tried almost every bank including Royal, CIBC, HSBC, Scotia, and TD for either business or personal accounts. They are ALL shit. TD is the least shitty.

I live in a border city so the banks here are all pretty decent at dealing with US checks and cash.

I haven't had a hold put on a check in years that wasn't taken off by my account manager though.

This is with Royal bank.

:)

Whoa, CIBC doesn't hold my US cheques.

My bank doesnt hold my cheques but that is because i have spent alot of time making sure i know everyone in that branch.

When i go to the other branches they cheerfully tell me off, and very politely tell me they could give two shits if i take my business elsewhere..lol


if it wasn't for their exceptionally high service charges, id go elsewhere....lol

At desjardins it's 27 days ... well they don't freeze mines at all anymore since I cashed so many

yeh my cheques get held for fucking ages here in the UK!

This flash is owange ...

At least the people @ my bank are talkable . If it's from a compagny they already cashed, they don't freeze it .

if it's not, they let me the first 1500 $ (us) unfrozen .

Once I needed money quick and asked them to unfreeze and they did it really quickly ...

Very good support.

Actually they are ...


1 million people doing 2 charge average daily = 500 000 $ a day .

that's kinda good money :P

I agree they aren't making all their money from that but they are certainly making good one .

When I saw your title this flash is exactly what I thought of....been a big fan of xdudes for quite sometime...I sure wish he'd finally finish his site tho'.

Yes, this happened to me a couple times with checks i sent to canada. My work takes forever to get finished due to this sometimes.

this is why i bank with tdbank they dont hold any funds with my business account. i get all my cheques right away i have no issues with them.

Have you actually tried withdrawing those funds after depositing it though? The funds appear in your account instantly, but trying to move them within the next 25 days is usually a pain in the ass.

WG

That sounds great and I do use a virtual bank type account for my personal banking, but for my business banking, I need a physical office where I can bitch and yell to when something goes wrong. With the volume of transactions I push, there's been at least 1 fuckup per year and that's when their physical offices kick in :)

WG

Use the contact form on wired2000.com. Make sure you say you know me from GFY and put your screenname (pxxx) on the form and I'll get it.

WG